dow jones higher by just 0.7%. quite a distance in today's session. >> currently sitting around the lows of the day. earlier today we were saying was the best two-day point gain in history. that is not the case now. >> let's hand it off to the "closing bell." hi, welcome to the "closing bell." i'm kelly evans. >> i'm simon hobbs in for bill griffeth. >> yesterday stocks staged a mega rally late day. the day before they staged a huge sell-off. we'll see which direction we go today. the dow is only up 133 points. >> within that, it is energy that powered the market higher for much of the session. oil surging on track to have its best day since march 2009.

we'll take you live to the floor of the new york merc. >> consumer reports says tesla is the best car it ever tested. getting a perfect score. we've got the man behind the review coming up. >> and the cholesterol drug wars are heating up. amgen could get approval from the fda within the next hour for its new treatment. we will bring you that news and tell you what it means for the pharma company and its rivals. we begin with two stories. one is the traction we are losing on the big board here. the second is crude oil surged for much of the session. jackie deangelis has that at the nymex. >> good afternoon. a huge surge in crude oil prices. more than 10% today in wti. $42.56 is where we close. we did hilt an intraday high of $42.75. monday we closed under that

critical $40 mark and today trading near $43. we had a stroonger dollar today but that couldn't hold crude prices down. traders saying it was momentum in equities helping the crude rebound here. decline in inventories supportive. short covering involved in this process, as well. we are back to this conversation has crude bottomed out here? some traders are saying they think it's working its way through and we might have seen the worst in terms of pricing. other traders saying we could see a bounce higher even from here. then test the $30s again. you mentioned that stat. the best day we saw since march 12th, 2009. if you look at the charts, that was just around the time crude bottomed out last time. back to you. >> jackie, thank you. let's get out to bob pisani for a closer look at what's moving stocks. they are fading a bit here. >> they are. let's put up the s&p 500. we are off the highs.

we were up better than 3% at one point. we've come off the highs. still up about 1%. the most widely held names, the overall market was up 2% to 3%. nice moves up. apple, microsoft, jpmorgan chase, wells fargo and pfizer on the up side. the most shorted stocks out the there, sires, fossil, joy global, all up more than the rest of the market today. we've also seen other moves in big etfs that are out there. some of the oil etfs, the energy spdr and the material group xlb strong. emerging market stocks strong, as well. it's been a very interesting day. volume has gone to the heavy side.

not as strong as the last several days. want to make you aware of data glitches with some of the service centers that operate in weehawken, new jersey. a broker itg shut done their dark pool. there are problems with the air conditioning systems over there. we are trying to get an update on that. back to you. >> thank you very much. joining us on our "closing bell" exchange today. steve, what does the selling into strength me? >> this is more of a relief rally. we had a really bad sell-off the last couple of days. when you start to see, bob brought up a good point when he looked at the basket of short stocks. if you look at short stocks, they are being bought today. they are covered today. they weren't being bought yesterday.

that's important. guys were waiting for the s&p cash levels or s&p future levels to confirm the rally was for real. once you start to bounce to these certain levels on a technical basis, that's where shorts have to throw in the towel and srt covering. >> people are talking about some of these not price sensitive moves. people having to sell for various reasons. are you concerned about another leg down in this market? >> we could see that. this market became very concerned about the chinese growth rate, in our minds. that concern is overdone. we don't think china is going to be as weak as people fear. we don't think they pose a serious threat to derailing the economic growth in the u.s. >> isn't critically what we need to confirm is big institutional

investors are coming in and buying longer term into the market? isn't whether people are short covering or not kind of a short-term issue? >> every rally starts off with short covering. your more savvy investors that are time sensitive versus buy and hold with long type of investors are looking for a quick turnaround. when they start to buy the market, you start to see people start to give a little more credence to the rally. you going into month end, goldman put out numbers that coming into equities is a rebalance for pension funds. approximately $20 billion. >> if you sigh the shorts beginning to cover in a trading environment, isn't it inevitable with the type of gains we had today, traders are going to book profits?

>> they are going to book losses. we had such a big move, they are covering because they got spooked out of a lot of names. whether they are profits or losses, it would appear if it was a short time short, they are booking losses. >> want to know what you think about this market. interest rates to the next move with the u.s. dollar and what that means for stocks here? >> if you consider, and i do believe the dollar index closed around $95 last week, hovering around $95.65 in that range now. it's up smartly. interest rates were up 20 basis points on the week right now when it comes to a 30-year bond. of course, at the best levels of the day, the s&p, which closed

at 1970 was lateral. this last move took it away. it's easy. we had strong gdp. it was a nice revision. nice revision might mean we pull the fed closer. i'm not at all surprised that the notion of the economy isn't bad, shouldn't be at zero. it's going to weigh on investors' psyche. versus moves on the bounce yesterday didn't have major data points to contend with. to take it a step farther, i think it's like the tesla effect. consumer reports gives it 100. they didn't rate it as a form of transportation from a to b is what a car is for. you can get a model t and beat a tesla from new york to l.a. it's a beautiful car. shows all depends on what you look at and see what you want to see. >> let me mention to people, we are now up 82 points on the dow.

we are off our lows, but way lower than the 381 that we had higher in the session. why are you still confident when the market seems to be volatile? >> you saw weakness in the later part of the day should be expected begin we were up between 6.5% and 7% in the equity market on a two-day trading people. we are confident in equities because we are confident in the u.s. economy. >> forgive me, eric. we are flat to negative on the week, aren't we now? it depends on your perspective here, surely. >> well, i think there are a lot of people trading the low, tactically trading the low that they did get a gain because they came in at the open or close to the open on monday thinking that was overblown. those people are probably exiting now. i think longer term the u.s. stock market is going to move out because the economy is strong. we are investors, not traders. >> steve, you're a trader.

much of the commentary from a lot of the desks is focusing on not liking the technical action here. thinking there might be another break lower. what is your response? >> if you go back to 2011, we definitely broke a trend line from 2011 we didn't break. i heard a couple of technicians say it, that we did not break in that october 2014 low. we did break it this time around. this is a relief rally. it's a bull trap where you bounce off that lower level. you retrace 50 to 61-a levels. you start to sell them again. i think we still have another 10% to the down side, unfortunately. >> rick, let's talk for a quick second whether we are learning anything about the extent to which china's selling may have to do with u.s. rates and the long end moving higher, and what does that bode, if anything?

>> i think it's fascinating the chinese are purportedly long ended. i'm not sure the long end was already on its way to firmness before any of this evolved. i can summarize quickly. when it comes to u.s. exports, china represents maybe 1% of our gdp, but china represents about 38% of all global growth for last year. that latter is the recalibration issue that's taken effect. it's going to get messier. if janet yellen doesn't normalize, you'll see everything go the other way only to redo it again. lots of volatility. i just think this moving dynamic of china is nothing that is going to go away no matter what the fed does. pieces are set in motion that can't be put back in the box. >> we'll leave it there. thank you so much. 50 minutes to go in the session. we are watching a market well off its highs. we are still talking about a strong two-day snapback from

earlier steep declines. it will matter whether we go out 100 points on the dow or more if we want this to be a significant move. >> tesla shares jumping on a review from consumer reports that amounts to the holy grail of auto reviews. up next, the influential magazine's managing editor talks about the unique review he gave to the model s electric car. why are gold prices stuck in the mud after the worst stock sell-off? world gold council will give us his take. ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax.

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welcome back. dow trying to hold on to a triple-digit gain today. at the highs we were talking about possibly the sharpest two-day snap back since the financial crisis. apping is up today after saying its iphone launch will be held september 9th in san francisco.

>> let's send it down to the floor. important moves 45 minutes to the close. >> we want to update you on market on close orders. these have become something we could rely on. they are simply orders to buy and sell individual stocks at the close. there are people who informally aggregate the totals to get an idea where the market might be towards the end of the day. right now there is a small buy imbalance. market seems to be evenly pared at the close. they put in bids and offers to buy stocks at the close. right now everything seems to be fairly quiet. talking about a very small buy side balance in the aggregate.

>> up now 91 points. let's look at some of the other movers today. back from the brink, freeport-mcmoran is the biggest gainer today. it is cutting back spending 29% next year citing reduced copper sales in a soft global economy. earlier this month freeport announced spending cuts at its oil and gas units. tesla moving higher after its model s earned a perfect score of 100 at "consumer reports." that's the highest score awarded by the magazine. 60 miles per hour in 3 1/2 seconds. >> and we've got the magazine's managing editor to tell us how tesla was able to break the rating system. isn't this a little bit of gpa inflation? >> not inflation unless you want to say tesla inflated the

standard rate. performance is amazing. it's more efficient. the previous one got 85 miles per hour this one 87. just a superior vehicle. you can have performance and efficiency. >> rick santelli is a big car guy. he says you might give tesla a great score but you can't drive it without charging it every night. >> you can get about 200 miles range in the car. it goes up and down depending on weather conditions. that is a drawback to the vehicle. you have to plan your schedule around the charging of the vehicle. the other electrics come at a lower price are giving you 80, 50 miles in a range. it is a paradigm shift. tesla has to be able to do more going forward. particularly when they introduce

the sxv. >> did you try it? >> yes. i've driven it. it's an impressive vehicle. >> there is insane mode? >> yes. you have sport or insane. it shows if it's not fast enough be sporty, you get to go insane. >> growing up rating "consumer reports" i always felt you were the touchstone for the middle class american who wanted to make sure they were buying the right soup product and consumer electronic and reading beneath all the fancy claims to get the right product. tesla feels like such an odd one for you guys to be trumpeting without acknowledging it's an

unfeasible car to drive and should be docked to take that acknowledgement into account. it's a very different vehicle from traditional gas and drive models. >> the economy in the world of electrics is growing. we try to get the best deal for everyone. we are not going to wait until electric vehicles come down to the 20,000 price range. everything is advanced. they come in at the high end. it is incumbent on us to test these products. so that we can get in and talk to manufacturers and explain to consumers what's coming down the road. we are not going to buy a lot of $100,000 vehicles well. when one is a paradigm shift like this, it's important for us to keep. >> okay. >> we'll leave it there. thank you so much. you can read his whole review

including that crazy acceleration. >> i'm watching here as we -- what are we? 40 minutes to the close the huge volatility in the dow moving 20 or 30 points quite literally within seconds. good news is we are up over triple digits in terms of gain. what we don't want to do is erode that to the flat line. that would not be a great signal. >> we'll go live to jackson hole, wyoming, next. steve liesman gives us a take how this morning's bullish revision on economic growth could lead to the decision of a possible rate hike. >> research at the world gold council will tell us why gold is having a tough year.

we have a news alert out of silicon valley. >> if you use spifrn work or icloud and you're having troubles, you might not be alone. apple is saying a small percentage of its services including icloud, iwork are experiencing troubles. about 3%, potentially still affecting a whole lot of people. no word on what the source of those troubles are. >> thank you. how will this morning's stronger than expected economic data play into the timing of the fed's rate hike? fed officials are gathering for the annual retreat in jackson

hole, wyoming. steve liesman is there. >> what do you think? nice interview with the kansas city fed president earlier today. >> thank you, simon. i think it's an important one for the debate over the federal reserve. it gives pause to hiking rates. you have those who look at what's happening in the economy and saying we probably should go ahead. let's keep going and keep our eye on what we should be in the long-term economy and economic outlook. >> this week's events complicate the picture, but i think it's too soon to say it fundamentally changes that picture. in my own view, the normalization process needs to begin and the economy is performing in a way that it's prepared to take that. >> this snapback in the market has to be part of the evidence she is looking for as well as

data this morning on gdp showing big revision to the second quarter up 3.7%. you can see there all the different sectors. all the major levels have been revised higher. it was a big second quarter inventory build and we could have traction from growth in the months ahead or quarters ahead because of that. finally, we talked to former fed governor here and asked him about the economy. he gave it pretty good grades. >> i think in particular with good to see more investment. that's been one of the challenges where we haven't seen much investment. if we can get more investment, that means firms are more comfortable with where the economy is going, less uncertainty, more hiring, more wage growth then we are on a good path.

>> the conference formally begins this evening. the focus is inflation. the problem is how can central banks create more of it? those are some of the questions we'll be putting to some top central bankers tomorrow. >> i can't wait for that pair of interviews. we hear there's already controversy on the ground, right? >> we have protesters here, demonstrators. very well organized. they were out there urging the federal reserve not to hike interest rates. this is the other side of what you see from especially conservative republicans in congress thinking the fed ought to raise rates. some of those signs there, "i'm standing for a moral economy." "does the federal reserve care about black americans?" noting the african-american unemployment rate is very high. they also had nobel laureate joe stiglet speaking saying the fed

should shoot for a 4% inflation rate and say we are not close to the 2%. there is no risk in waiting on interest rates. and urging the federal reserve to let the economy run hot. >> controversy following the fed. thank you, steve from jackson hole for us. conventional wisdom says when the markets take a dive go for gold. >> the global head of research at the world gold council. good afternoon. what does the trade body say? buy gold, presumably. >> gold is an interesting asset. i think you have to put things into perspective. in august, gold outperformed equities, bonds and even the u.s. dollar and also if you take a longer view for the past ten years, gold has outperformed most asset classes that investors hold. even if you look back to 2005, gold has outperformed versus

emerging market equities and commodities. >> most people following the action the last several years know it's a simple tale. it ran up to 1900, peaked, collapsed to around 1100 and other commodities are following suit. why are we to believe gold will suddenly find traction and move significantly to the up side, forgetting whatever just happened? >> beyond the significant part of where gold may go, i think the key thing is that gold has a dual nature. this is important for investors. it results in reciprocatation. it is a hard asset. it's a real asset that preserves well in periods of turmoil. when you have systemic risk, investors are going to go to goal. that pull and push creates a strong case for gold.

>> over the last four years it's dropped about 40% in value. my question will be whether you will be have to hype this as it was hyped in the past when there were so many half truths about what gold really was. notably a story of value. people got badly burned. it's hard to hedge your portfolio with gold. you have to have a complicated options system to make a difference. untruths were told and the price bears some resemblance to that, doesn't it? >> no. i don't think that's the case. there is a lot of misunderstanding what gold does and doesn't do. >> it's an inanimate object that sits in cellars. >> you have currencies you use to buy around the world. that is efficient way of doing transactions. gold is the one currency that is a hard asset. that balances the system. >> then why is it down 40% in

four years? >> there are a lot of factors that influence gold. there is the investment side we talked about that the economy has recovered. there is a lot of growth. you are looking at the past, since 2013. >> i'm asking if it's a broken trade? can you hype it any more? >> i think gold has a unique and valuable role in a portfolio. i think this is still valuable today. investors should understand what the role of gold is. you do have the pull and push between consumption and investment side. since 2000, gold has outperformed by far all the assets that investors hold. it depends on the period you are looking at. >> thank you for joining us. >> thank you. >> time for a cnbc news update with sue herera. >> here is what's happening at this hour a delaware judge ordered the ceo of dole foods

and his former right hand man to pay $148 million in damages for misleading directors and shareholders in a deal that took the company private in 2013. the judge ruled david murdoch and c. michael carter knowingly drove down the company stock price before they took it public. >> tropical storm erika will hit puerto rico dumping as much as 12 inches of rain in spots. forecasters say erika made an unexpected shift to the south that could have a bearing on its future track. it's more likely to hit hispaniola. >> greece's first female prime minister meeting with former premier tsipras. the elections vote is tentatively scheduled for september 20th. >> new report from the cdc says schools are heading in the right

direction with healthy meals for kids. nearly all schools are offering whole grains for breakfast and lunch and more than half are cutting back on the amount of sodium they serve. that's the cnbc news update. back to you guys. >> thank you very everyone. let's bring everybody up-to-date. dow is up almost 200 points again after just 44 points at the start of the hour. s&p 500 also looking to gain 1.3%. nasdaq up 1.5%. >> this is massive volatility. that is a move of 80 points in 4 1/2 minutes. up next, will today's gains hold into the close? a top trader will tell us what he is watching. so you're a small business expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep it all digital. we're looking to double our deliveries. our fleet apps will find the fastest route. oh, and your

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with less than a half hour to go, the dow is moving back to the up side. nearly 250 points higher. 234 there. up 1.5%. similar gains across the other major averages. >> let's get a view on that from the floor. keith bliss joins us. this volatility is extraordinary. >> it is. it's unlike i've ever seen. you can probably take the volatility and go back a few times in recent history and see a vix spiking above 40.

we had it in 2004 and 2005. the volatility is unlike it. you have to go back to 2009. >> that's the degree to which the market is moving. >> it's the degree to which the market got oversold. that's why we are seeing this pop here. >> you mean that from a technical trading standpoint. >> i do. where markets get stretched too far. they have to bounce back. >> like a rubber band. >> correct. >> however, there are people at home who want to know what the broader direction of the market is in terms of whether they invest, double down or are likely to trade over the next three months. >> what i've been telling everybody, depends upon your time horizon. we look at the market in short windows of time. we look for short-term overbought, oversold conditions. we think the market will trade back higher. we have a few technical areas to get through on the s&p and dow and russell 2,000.

if we could achieve those, we can trade the s&p back to the 2000 before we reevaluate the short term movement of the market. it isn't over for china. that's what our next guest says. joining me is head of global equity portfolio management at tiaa-cref. you are saying there is another leg down to come out of china. is that right? >> we think long run china should be okay. the government has a lot of arrows in its quiver it can use to help reach that goal. for example, they can cut the required reserve ratio, lower interest rates. they can also focus on the consumer. as an example, mortgages in china are only about 25% of total bank loan books. in more developed countries such as australia, that number's doubled. we think over the long run, china will use this ammunition to stabilize their economy and

meet their goals. >> looks like they are finding stabilization in the last session or so. how much more do you think they have to do? is this a case of the market telling china how much more needs to happen or is this china on its own evaluating its fundamentals, deciding there is still more that has to be done? >> china is a little bit looking like the wild west right now. it's difficult to say what is going on there until we see more economic data. that's why we are recommending investors have well diversified portfolios and focusing more on the developed markets right now. if you separate the developed economies from the stock markets, we see some encouraging signs like in the u.s. with strong gdp numbers today. the consumer looking better. good housing and also strong jobs growth. >> experience taught me one thing. if an analyst comes on and starts talking about broad demographics, you're probably not necessarily going to head in the direction they suggest. when you say, when you talk about the degree of mortgage

penetration still to be had in china, it reminds me when people were over ebullient how many people could own an iphone in the day. there is a report or suggestion coming from china that the premier could lose his job because they are dealing with things so badly. have they got this, in your view? >> we think it's more important to focus more on the long run with china right now and focus on what the government can do over time in order to help move that economy more to a consumption-driven one where they need to be in the longer run. all that should work out over the longer run. >> you lies are deciding you want to look into biotechs. what other sectors are attractive to you? >> what we've seen with all this volatility which we expect to continue is that some of these traditional high-flying sectors like biotech and software got

hit hard. biotech stocks have been underperforming the s&p since the end of july. large-cap has been performing as poorly as small cap. we think those look attracty. switch to software where a lot of companies are moving to subscription models. those tend to be more stable in any environment. >> we'll leave it there. thank you so much. biotechs are having a nice session today. >> broader market. 19 minutes till we shut down for the session. we were rocketing almost 400 points earlier in the day. we have begun to claw back. we are now at 220 on the dow. still volatile. >> amgen's new cholesterol treatment could get a green light from the government within the hour. meg terrell tells us what's at stake. >> also ahead, netflix seeing green after nielsen says it's scaling up a program to track

ratings of video streaming services. is more information better?

welcome back. we focus in the final hour on markets. the dow, s&p and nasdaq. the dow is up 278. the gains are accelerating with 15 minutes to go. oil was the story of the session. a lot of discussion about whether this was significant buying, short covering, what have you. but a 10% move higher in crude to about $42.50 a barrel. >> amgen higher as it awaits fda approval of its new cholesterol drug. that could come within any minute. >> meg terrell joins us with more. what's it mean? >> that's right. amgen's approval from the fda is widely expected for this cholesterol drug repathia. a similar class drug got approved last month. they are intended for folk whose don't get far enough lowering their levels of bad cholesterol ldl taking statins. regeneron estimated that is a

market in the united states of about 8 to 10 million patients. these drugs can bring in each $5 billion in peak annual sales a few years out when they reach their peak total market share. some of the questions because approval is priced in are how broad will amgen's approval be? will it be for the same population? how much will they price that drug? where will amgen shake out on that? >> we'll be watching for it. thank you so much. 15 minutes to go into the close. this market moved around so much in the last hour. first we gave up a lot of the gains. now coming back. the index is broughtly speaking up 1.92%. dow up 308. up next -- this is hugely volatile. up next, find out why luke capital's analyst is buying apple and lululemon.

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welcome back. that intraday chart tells you all of it. just the last hour we were only up 44 points. now we are up 304.

when all's said and done that, could make this the sharpest two-day snapback when we close here. >> height for the day was 308, i think. >> 381. >> the dow has moved 10,000 points cumulatively since monday. when we look at this compared to last week, we are sitting roughly flat. joining us now is courtney ratcliffe from luke capital. love to know what do you with this market. what is attractive? >> i'm buying. maybe not today, but i definitely all week have been buying. i'm a buy and hold investor, not doing flipping. the names what is in on monday and tuesday after the close, where there is a huge sell imbalance on the close. there was a lot of opportunity there. apple, walmart, procter and gamble, definitely active in

lululemon. didn't buy target and nike but i think they are good buys, especially going into school season and everyone going back to school. i think their earnings will be nice. >> we are looking at about $1 billion to buy according to art cashin. >> my desk said the same thing today. >> it's an interesting mixture within your portfolio. what is the top pick? what are you most convinced about for further up side from here? >> apple. where i bought it and from here even, i think it's going to grow significantly higher. i think people are equating where the price is right now to china and the exposure to china. i look at that as a positive. last time i checked, people buy phones and they are going to buy a lot of phones in china. i think apple will do incredibly well. i'm looking forward to see what they come out with on the 9th. >> what about lululemon? >> it's an interesting one. i work out you see with the soul

cycles and fitness craze. you see people at baseball games wearing lululemon. you can go from the gym and look cute going to the grocery store. >> can you base investment decisions on that? >> last time i checked they are based on sales. >> it may rely on selling it more broadly. >> i have a broad circle, i must say. >> okay. >> courtney, thank you. >> coming up next, we'll be right back with the closing countdown. >> after the bell, nielsen working on a system to track netflix ratings. details are coming up. here at td ameritrade, they love innovating.

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boysenberry apple scones smell about done. ahh, you're good. i like to bake. add new business services with at&t and get up to $500 in total savings. we are currently at 312 points on the dow jones industrial average. i want to point out two things here. the first is this is the second day we have not closed or unlikely to close in negative territory. yesterday we had a strong rally. here as you can see, we were selling off but a strong bounceback into that close taking us up towards the highs of the day or 380. the second thing is the highs we achieved today are the highs of the week.

for many people that's quite important. it would be great to go out on the high of the day. if you were looking for general market direction, both those things are relatively positive amid huge volatility. let's bring in bob pisani. >> we moved around a lot throughout the day. this would be the third day in positive territory. we gapped up. then you have a nice mid-morning rally here that takes you up another 180 points. you're up almost 400 points. then we just sort of drooped down here. down about 300 points and now we've come back almost the whole thing here lost. this is maybe 260 points. the moves here from the highs to the lows back and forth are again wide today.

one thing we are not quite seeing on the heavy level is the volume here. 600 billion on the floor. probably going to be 4.2 billion. that is higher than normal level but compared to some days where we've seen 6 billion and 7 billion, it's lower. volatility has come down. it spiked in the middle of the day. we were into the 30s and now down to the 20s. that is a good sign. 7-1 advancing-to-declining stocks. we were at 30 here. now we are back down into the mid 20s. remember, we were at 53 a few days ago. vix went from 13 a little more an week ago up to 53. now cut in half from where it was before. the breadth 7-1 advancing-to-declining stocks. that is very strong. at one point it was almost 10-1. you rarely see those kinds of numbers.

all the volume was on the stocks advancing. i would call it a little bit of panic buying throughout a good part of the day. >> chasing winners or short covering? >> chasing the winners. i will show you on the top before, some stocks heavily shorted where they obviously took off some of the shorts. some of the energy stocks bike tidewater, u.s. steel are heavily shorted. i'll show you those at the top. >> look at this. this is volatility. this is the type of market we are. heading towards the highs of the day. >> yes. we are essentially almost there. we've got just a few points to go. the important thing at this point is the breadth of the advance. we also saw heavy buying in sectors i haven't seen for a while. emerging markets.

thailand etf. italy etf. you don't see much action or volume. people were very interested in talking about that. what i see here is a lot of people picking up some beaten-up sectors and moves into them. i see bargain hunting. i want to point out even your most widely held stocks did well. your apples and googles. everything was up throughout the day. there you go. this is our favorite chart here. this is the market here. you've got your classic financial, another classic financial, classic pharmaceutical and your two most classic old school technology stocks. the whole market up 3%. we are back to where we were in the middle of the day. these are exactly the fission we saw. >> we are now positive in several of the sectors. >> thank you for that.

closing bell continues with kelly evans on cnbc. >> thank you, simon. welcome to the "closing bell." i'm kelly evans. we have another roller coaster session on wall street. finishing sharply positive. we could now see the sharpest two-day percentage gain since the financial crisis. the dow adding 2.3%, s&p 2.5%. nasdaq nearly the same amount. sharply higher gains. what is remarkable is the fact we were up about this amount in point terms. we gave almost all of that up, then bounced back mirroring the

kind of activity we've seen all week. here is a stat for you. 10,000 points. that's the cumulative journey we traveled on the dow jones industrial average this week. still to come this hour, we'll be joined by market heavyweight bill rhodes. >> does this matter? how meaningful is today's price action given everything that's just happened? s. >> it's hard to infer a lot of what comes next. people getting trapped, squeezed and trying to overanticipate the next move. we were so compressed we got the lift yesterday.

it seemed people felt more comfortable seeing how far we can stretch this thing. i still don't think anything decisive happened. we were taking so much downside. we haven't recaptured half of it. >> kayla, everyone is becoming a technical trader over the last couple of sessions. that's more reason why jpmorgan's technical guys getting a lot of attention for this note that says markets have another leg lower to go. there is a divide and sentiment between the desks and retail crowd. for the sentiments and surveys we follow can be buying or not panicking about this. >> that bearish notice getting play from the people i'm talking to in the markets. i spoke to someone from credit suisse who was pointing out some of the sentiment is overall positive for a lot of the companies we are seeing moving, but not necessarily for the market as a whole.

it's those individual stocks powering the market gains. what does that tell you to overall sentiment to buy the s&p 500 index because you believe that is going to power the next leg? it doesn't feel like there is a lot of that going on behind the scenes. >> brian kelly, do you buy this moving or is it a bear trap? >> it's a vole trap. that is a 30 to 60 day view. you can get some rally here. think about what's going on. this is the type of market we are. this volatility is unprecedented. you have to ask if something changed in the world. yes. volatility is telling you the market is changing what it's focusing on. it's change from focusing on central bank activism to the global economy which is slow.

>> think about volatility before. january 2015. all of that was precipitated by the fed. why is volatility seemingly surprising people here? >> it shouldn't surprise people. what is different this time, i take the fed out of the picture completely. they raised 25 basis points. who cares? the fed doesn't control the bond market. as the emerging markets deleverage, they are selling u.s. treasuries which is driving the bond market. fed is out of the picture. >> one area that might have helped stocks was the sharp 10% rebound in crude oil. huge mover today. jackie deangelis is stand buying at the nymex. >> history was made again that.

10% move is something we haven't seen since march 2009. what the traders are saying is there are two schools of thought here. generally we are seeing crude move away from the fundamental story. so if equities continue to move higher, we'll probably see the crude trade go higher. first school of thought, we'll probably see a bounce up through prices then back down into the $30s. the second is the conversation about a bottom. maybe crude prices are working themselves out here. it's hard to believe we approached $43 today when on monday it was reporting we settled under $40 and that was a key psychological level for crude trade. key things to watch for when we go back to fundamentals. first inventories. we had a steep drawdown on wednesday. most people were not expecting. it's not season. you start to see builds come back. that is one sign that would be bullish.

at the same time, baker hughes will be out with recounts tomorrow. a lot of data points will start to come into play if we start to move away from tracking with the equity story. >> let's send it out to bob pisani on the floor of the stock exchange. 10,000 points in a week. >> coming with amazing statistics. today was another fairly volume till day. dow up 330 points. look at that intraday activity. the problem looking at these charts, it doesn't do justice to the swings. you don't see it. rather than do that, let me show what you a volume till day we had here. we had an opening gap up. this is dow jones industrial average of 200 points. then we had another mid morning rally that brought the dow up another 180 points. we had a mid afternoon swoon and the dow dropped 300 points from its highs to its low.

everybody thought here we are, we are going to go negative. the whole thing turned around in the last hour or so. the dow rallied 330 points. these are remarkable intraday moves. this is a better way to look at things rather than looking at a chart. doesn't do it justice. volume was heavy for a summer day in august. however, the volume was lighter than it has been all week with. volatility was dropping. again we had big intraday swings. vix is now into the high 20s. that's better than 53 where it was a few days ago. 7-1 advancing/declining stocks. at one point we were 9/1. the arms index measures how much stock, how much volume is going to stock advancing versus declining. what this number says is that huge amounts of the volume was going to stocks that were all on the up side.

sort of panic buying. let's look at widely-held names. the overall market was strong. whether you're talking classic tech like apple and microsoft, classic financials like jpmorgan or wells fargo. classic pharma like pfizer. the whole market was up 2% to 3%. a lot of people are intellectually lazy and say this was a short-covering rally. that is not true. we do keep track of names heavily shorted. in those groups, and here is energy stocks. this is not just because oil was up today. these are notable moves. heavily shorted stocks that do better than stocks that were not so heavily shorted. there was influence. if you look at material stocks that are also very heavily shorted like u.s. steel, ak steel and century aluminum, you see these moves up here. we do have heavily shorted names

that are rallying. >> that's on a lot of people's minds. going back to this point earlier, whether it's the surveys we've done, gauges of investor sentiment, people haven't panicked about the price action we've seen. do you think that there is potentially something larger to reckon with about all this? >> potentially yes. if you want a true desperation flush, we might not get it. we haven't seen that yet. the american association of individual investors poll today surprised people. yes, there was an increase in bearishness butbullishness. the timing of this dump last thursday was interesting for that survey which closes wednesday. you had time to be terrified and say this is buyable. that dynamic works more broadly in terms of psychology. if you are seeing these quiksilver moves, it seems like big money strategies caught wrong footed. it's not so much people saying growth is falling apart, we have

to sell everything. it's a volatility storm that is different than the world saying we have something long term to fear. >> or algorithms operating with a lack of liquidity. i wonder what impact the fact that sites like td ameritrade, scottrade and some of the merrill lynch online platforms are having issues monday. the scope of the survey is wider. even if you wanted to sell, the fact you actually in some cases were not able to sell, i wonder if that overnight sentiment changes. you wake up with a new outlook. >> the other thing about today that is a little odd is going back to bob's point here. u.s. steel up 15% when there's been great articles about the overcapacity in that industry. we haven't had china recycling still to take into account. crude is setting a new lower trading range. are these moves you want to see to tell us we are out of the

woods more broadly or see a different leadership? >> these moves, short coming. all material stocks have been down. markets anticipate these things. i would look elsewhere. one thing i would say about these names are up 10%, short selling contributing to that volatility. it's shocking those evil short sellers are helping people out. maybe china should unarrest them and make their stock market go up. >> by the way, i sort of asked the ceo of rbc the other day about your position canadian stocks have further to fall and the next shoe to drop could be the canadian and australian stock markets. he didn't seem, obviously, to think that reckoning moment was coming. are you still so sure that we face declines up to 40%? >> sure. why not? he didn't seem so sure. neither did lehman brothers. they seemed very sure everything was going to be fine. i'm not suggesting rbc is lehman

brothers. i want to be clear. you have an economy, both china and australia driven by the massive buildup of infrastructure in china. that's over now. you've seen commodities fall and the last leg you haven't seen fall is equities in australia and in canada. at some point it would stand to reason those come down. canadian market has roughly 30%, 40% to fall. >> the gdp numbers today were better than expected. we saw particularly good numbers on government spending, net trade and the inventory. like our data yesterday on durable goods, it supports the idea that the u.s. and china should not be moving in lock step, that our economy does exist independently. i very much believe the basic theme. >> 3.7, not bad. >> breaking news on freeport-mcmoran to get to. >> all day we've been telling you freeport-mcmoran shares were

up 29%. this is a stock beaten down huge. it's up another 14% in the aftermarket session on 1.6 million shares after activist investor carl icahn discloses he's taken a 17.5 million share stakes in the copper and gold mining giant. carl icahn filing regulatory papers saying he's taken an activist stake in freeport-mcmoran. he also says in the filing he wants to discuss freeport's capital expenditures, their executive pay practices. looking at curtailment of high cost production operations. he had discussions with freeport-mcmoran's management as of august 26th. again, it seems interesting here. this is a stock beaten down heavily, down about 56%. that includes today's gains.

down about 72% over the course of the past 12 months. it was bouncing off low levels. it's up after carl icahn disclosed this in regulatory filings. interesting to point out a large move ahead of this filing. another large move now after the filing's out. certainly something trarsd will be talking about. oil and gas, materials, that sort of thing, those investments have been a focus point for investors looking at dip opportunities. carl icahn taking a stake here in freeport-mcmoran. >> thank you very much. >> the coal stocks were flying today. they all got a lift. comstock resources and gold stocks. not saying people knew about the icahn move. this strikes me as a classic

icahn move. this is different than saying apple should trade up multiple points. >> do you follow icahn on this trade? >> is this a bet on copper and gold or carl icahn bet to disrupt the management? it sounds like from the news he thinks he has a better opportunity to disrupt management than necessarily making a bet on copper and gold. carl icahn is one of the greatest investors out there. why wouldn't you follow him? >> thank you. we'll leave it there. solar city getting a boost on a bullish analyst call. they'll ask why they think the stock soared more than 115%. we'll follow wild market moves. netflix may find itself measured by nielsen. we'll discuss what that could mean for the company. >> two giants from the world of tech and finance.

former aol president and ex-citigroup vice chair will rhodes will join us.

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>> tech stocks swinging around. netflix up almost 7% today. amazon adding 3.5%. apple up almost 3%. rating king pin nielsen is developing an app to measure streaming context. >> nielsen is working with a number of studios to measure the streaming of their shows to netflix, amazon prime and hulu on television sets. nielsen shares are 2.5% higher today. it's been pushing into digital measurement as it faces criticism it failed to count viewership away from traditional

tv. it will not impact advertising on netflix or amazon. those streaming services don't show commercials. it could perhaps help the studios have more leverage as they negotiate with nielsen. this news is not hurting netflix shares one bit. they closed up nearly 7% today, the company telling us nielsen is missing a wide range of devices in the u.s. and its more than 50 markets outside the u.s. a lot of people would be curious to see those streaming numbers even if they are flawed. see how they compare to traditional television. back to you. >> stay right there. it's so interesting. we have a discussion not long ago with one of the actresses of "orange is the new black." she was upset about the pay some of the actors get for doing netflix shows saying part is they do a lot of ensemble shows so nobody has too much power.

they don't know how well the shows do. i wonder if this moves the needle in their direction. >> the anecdote is tina fey if she knew how well "unbreakable kimmie schmitt" is doing. she couldn't say. there's a lot of content that gets renewed that finds cults that love them, finds lawyer viewers that probably wouldn't otherwise make it in a world where you are checking your ratings the next day. >> do you think this will hurt netflix? >> i don't see how it hurts them in a tremendous way. it deprives them of this free pass they have right now which is to only grade themselves on the buzz and awards of their originals. i don't think it's a huge swing in market power. h hbo, we can see how many people watch their shows. it doesn't put them at a huge

disadvantage. >> i don't think they are being judged just on awards. they are judged on the number of subscribers. what measures is not whether people watch one day or the other, what matters is how many people sign up for the service and how many people they hold on to. they have different metrics. maybe there is a show that has a really devoted audience among a smaller group and another show that appeals more broadly. i think ratings for netflix are a different beast. it has a different way of carrying about what their bottom line is. >> even amazon during a recent industry event talking about its streaming program saying they valued the loyalty of the user and information about the user more than just the number of eyeballs. julia, thank you. julia boorstin. >> two dreadful days two, winning days.

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volume after the gun maker posted earnings per share 32 cents versus 22 cents a share. sales coming in better than the average analyst estimate. they offered up strong current quarter. revenue and sales and earnings per share guidance. earnings beat, sales beat, shares up on lighter volume. gamestop up about 4.07%. after the video game retailer and game console retailer reported earnings per share 31 cents. $1.76 billion reported. they see comparable store sales for the current quarter up from 1% to 4%. they are going to see q-3 earnings per share between 53 to 60 cents.

analysts looking for 59 cents. mid point falling a little bit shy. both shares up in the after market session. >> thank you. a year ago william rhodes raised alarms about banks worldwide taking too much risk and china's increasing credit growth. did these shadow market volatility we are seeing? joining us in an exclusive interview is william rhodes. author of "banker to the world." his experience and managing crises. are we going through a crisis now? >> i think the volatility we've seen over the last two weeks indicates we are in various parts of the world. to start off with, we are not getting growth anywhere except right here in the united states and maybe the uk. certainly, we don't see it in japan. china's growth is slowing. the emerging markets are now the submerging markets like they used to be in 1997/'98. europe isn't doing well either.

you take a look at france and italy, not doing too well. i think that's a big problem. slow growth and too much liquidity that's been sloshing around there for the last couple of years. >> investors seem to be split on just how serious a situation we are talking about. it's one thing if growth is different in the u.s. do you think we are looking at a financing crisis-like event? you brought up the late '90s or periods similar to that? >> there is no doubt there's been a tremendous search in reach for yield. you look at the property market, stock market, art markets. at the end of the day, when the fed starts raising, we can argue whether it's going to be september, october, december, but the fed will raise because they've got a balance sheet of $4.5 trillion up from $800 billion and they know they have to pull the trigger at some point. the bank of england has to do

the same. we'll have deverging situations between china and japan and the united states and uk on the other. the paceline is liquidity will start receding. all those bad bets will come home to roost. >> speaking of china, we are in a period of political rabble housing. it seems candidates are saying whatever will land well. h how worried you are that these statements will deteriorate long-team relationships with world powers? >> i think the chinese know us well enough to understand we are going through an election. they've been there before many times. i think those are shorter term. i think when we finally figure out who is going to be president, you'll have a dip relationship. there is no doubt china is going through a major change here. from the days when he emphasized

exports and heavy industry and investment, we are into an era where china is trying to get into a consumer-led economy. it hadn't been easy. also backed by his premier and the governor of the people's bank of china are trying to bring in financial liberalization. even with this devaluation of the yuan, most people didn't notice that they also moved on deposit rates. that is key. it wasn't just lowering the rate. sure they wanted to do it for exports. sure they wanted to do it to get into the special rates of the fund, but more importantly, they took the opportunity to free up interest rates on the deposit side again. that is what they are going for is financial liberalization. they are trying to do a lot of things at the same time and it's not easy. commit is showing that. 7% growth, tough. china is not about to collapse

either. >> as you look at other parts of the world, those really came to a critical point because the banking system was somehow on the hook for it. do we have that issue right now in terms of whatever this excessive risk taking is in a high liquidity environment? >> banks are no longer playing the same position they did 20 years ago. you have so many other financial institutions that have gotten involved. the whole commodity boon affected brazil, south africa. even canada and australia, and there is going to be a reaction. i don't think we are going to see commodity levels back to where they were for a couple of years. you are going to have to have major adjustment in these economies. latin america in particular is

going to get hard hit. they are so dependent on exports to china. brazil's largest trading partner is china. >> great to have your perspective. you are a jeb guy, is that right? >> that's right. >> letting the world know. >> time for a cnbc news update with sue herera. >> fascinating conversation there. a new hampshire jury is deliberating the fate of a former prep school senior charged with raping a 15-year-old freshman at their school. he says he had consensual sex and contact with his accuser but they didn't have intercourse. >> a suspect is in custody after an alert out there was an active shoot orrin campus a short time later another alert said the situation was under control. no shots were fired. >> apple will hold an event september th in san francisco.

the invite said, "hey siri, give us a hint." which refers to apple's personal digital assistant. ten of the world's biggest automakers are being sued for a deadly defect in keyless ignition systems. the complaint says carbon monoxide is emitted when drivers leave their vehicles running after taking their electronic key fobs with them. that, the plaintiffs say, can lead to deadly results. we'll follow that one for you. the white house and wall street. many hopefuls for 1600 pennsylvania avenue weighing in on this week's market fall and rise. what did they say and should they be saying anything in the first place?

welcome back. here is how we finished the session. up 369 at the close after being up as little as 44 points at the top of the final trading hour. 2.3% higher on the dow. 2.5% on the s&p and nasdaq. 10% higher on crude. there is a quick look at energy for you again. some sharp moves.

the energy space rallying there with the exception seems of natural gas. >> big swings here as well. autodesk shares are down 6.5% on 231,000 shares of volume. this after the company reports earnings per share of a beat 19 cents versus analyst estimates for 17 cents. however, revenues come in slightly worse, $610 million. analysts looking for $612 million. their current quarter q-3 earnings per share seen coming in 5 cents to 10 cents per share. analysts looking for 23 cents on average. sales outlook a bit weak there. hence the weakness in autodesk shares. we are going to move on with splunk. 3 cents per 2 cents were share estimates. $148 million in sales versus estimates for $140 million. their q-3 revenue guidance came in above estimates. those shares up by around 3.5% on about 56,000 shares worth of

trading volume. two stocks different directions. back to you. >> the market gyrations catching the eyes of the presidential candidates this week. this morning chris christie sounding off his concerns. >> the reason we are so susceptible to changes in the chinese economy is because the chinese have lent us so much money and have so much of our debt. if china gets a cough, we get the flu because this president has run up more debt than any president in american history. >> he's not the only one weighing in. here are just some of the tweets we've seen. bernie sanders saying, we need banks to invest in the job-creating economy. we don't need more speculation with the american economy hanging in the balance. scott walker, americans are struggling to cope because china actively manipulates their economy. and donald trump, markets are crashing all caused by poor planning and allowing china and asia to dictate the agenda.

this could get very messy. vote trump. does this help campaigns and markets? let's turn to barney frank and larry kudlow. who's got this one right? >> so far i haven't heard any brilliant insights on this. i don't really think the chinese currency manipulation is a nonstarter. i will say this. china's demise or china's slowdown, whatever it is because i don't think they've hit bottom yet and that's a big risk -- gives america a great opportunity if we would only take it. these candidates ought to be talking about slashing or abolishing the corporate tax rate to maximize our competitiveness, opening up all our energy resources to maximize our competitiveness. talk about education choice and reform to maximize our competitiveness. the usa can really get back its mojo relative to china if we have these kinds of competitive

policies. that's what these guys ought to be talking about, plus the steady dollar. >> barney, would you agree with that? a lot of gop candidates point to china and high debt levels. bernie sanders pointing to the banks saying they're the problem. >> i tend to agree with larry that none of them have made a great contribution to this debate. it's a two-step process here. we should not overreact to the gyrations day-to-day in the market. secondly, we should not overreact to what the candidates say about those things. it did seem to me chris christie was talking nonsense. the notion that the problem that china causes us is because they have a lot of our debt, i do not begin to understand that. our problem is if china slows down as it's been slowing down and they buy less, that's problemat problematic. the fact the chinese buy our debt, they buy our debt not as any favor to us, not to gain leverage, but because the american debt is the safest in

the world. that is a tribute chinese are paying to our stability as an economy. that's how we should accept it. as to larry's specifics, i disagree with many of them. given the low interest rates right now, it is a terrible mistake we've made not to have borrowed money to improve our own infrastructure which puts people to work with good wages and makes our economy more productive. >> this is a unique moment for the candidates to reveal their understanding of financial markets. i'm not sure there are many people jumping to the fore getting glowing remarks the past couple of days. >> you think? >> in some ways admitting there is little we know. >> can i make one suggestion to people? don't confuse an election with an exam. >> barney makes a good point. don't sell to american debts. don't sell. this is not a catastrophe.

it's not even a recession. we are going through a correction which can be very valuable and profitable. having said that, okay, barney makes a point. china buying our debt, they're financing our entitlement state. i wish they wouldn't, but they are. we do not need to talk about a chinese trade war, as unfortunately my friend donald trump has talked about. nor on the other hand on the democratic side, mrs. clinton wants to double the capital gains tax. i can't think of anything worse. bernie sanders wants to hike the income tax to 70% or 80%. i can't think of anything worse. can we simply have some pro-growth policies on taxes, regulations, education, energy? this is a great opportunity for the u.s. >> we've got to go. barney, i'll give you the quick last word. quickly, sir. >> the fact is energy, we are producing energy in america at a

great pace. it's an increase in energy production in america under obama that is a major contributor to the fact energy prices are falling. larry's call for increased energy production in america is being met. >> i meant i want more. you're not wrong. i just want more. >> thank you. >> open all the energy fields. >> barney frank and larry kudlow, always a pleasure, guys. a decade difficult to believe. that's how long it's been since hurricane katrina devastated the city of new orleans. up next, we'll go live to the crescent city to see if the hard times left the big easy. he made his mark in tech. nt's eg of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger.

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it's been ten years since hurricane katrina ripped through new orleans and the gulf coast. it remains the costliest disaster in america's history. >> none of this behind me was here ten years ago. it's an elaborate system of pumps and floodgates where lake pontchartrain meets the 17th street canal and designed to surge flood waters out of the city unlike ten years ago. new orleans' levee system failed in 15 places ahead of katrina.

that's why 87% of the city was under water and so many people died. the fed spent roughly $14.5 billion to keep history from repeating itself called the greater new orleans hurricane and storm dam production system and literally surrounds the metro area like a fortress. includes gates and pumps. pumps that can fill an olympic-size pool in three seconds. levees and flood walls strengthened and rebuilt. in areas vulnerable to the east, there is a massive barrier to keep out the surging gulf of mexico. that is an engineering marvel. two miles long, 26 feet high. the barrier was a billion dollars. this is truly state-of-the-art. >> i think we've become competitors with the dutch in doing this. we learned a lot from them and they are learning a lot from us. >> but is it enough, even a local flood control commissioner who is also an engineering

expert isn't sure. >> cities in europe have 500 to 1,000 year protection. 100 year protection is considered pretty minimal for a major urban area in the developed world. >> most experts agree that if hurricane katrina were to hit today there would still be localized flooding in the city, but nothing like the catastrophe of ten years ago, at least that's the hope. >> for sure. scott, thank you so much. scott cohn with a look at new orleans today. >> virtual reality 3-d video are hot investment opportunities lately. up next, veteran tech investor ted leonsis reveals his playbook us to exclusively.

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welcome back to "closing bell." facebook announcing it reached 1 billion users on monday alone. mark zuckerberg saying for the first time ever, 1 billion

people used facebook in a single day. on monday one in seven people on earth used facebook to connect with friends and family. this is a major mile stone as facebook looks to grow the daily active user base. in june, it had 968 million daily active users on average. kelly, this is growth from there. in june it had 1.9 billion. we'll watch to see how that number grows. back over to you. >> thank you, julia. i thought i would make it 1 billion and one. the tech sector, does this market volatility have broader implications for the tech market? our next guest is an executive with aol and investor in the tech world. joining us is pounder of revolution growth and monumental sports and entertainment. welcome to you. >> hey, how are you? amazing statistic, i remember when there was less than 1 million people online and now we have 1 billion people in a day

going to facebook. that's amazing. >> are you an investor? >> i follow facebook. i thought that was a good company to bet on early on and a happy investor. >> what about groupon? do they have to do to get a billion users? >> we'll never have a billion users, but i think at one point we peaked at about 350 million e-mail accounts and certainly a global phenomenon in terms of being able to do business in more than 50 countries and 700 cities and groupon still is positioned as the leading local e commerce company as we see more urbanization, i think that's what is happening in china and the big changes and as the super cities and millennials move into the cities, services like groupon i think are well-positioned. >> one name, ted, i didn't see you invested in but please correct me if i'm wrong, is twitter, what do you think about

that platform and its prospects. >> i'm familiar with twitter. it reminds me of the aim platform back in the day to create instant messaging and buddy lists and i think that probably today under the ipo price it's very hard to monetize in a consistent way the small footprint for communications, but i think it's a utility and it will be a very, very important company and an product and service maybe for facebook, maybe for google or microsoft but i think it will be better off being planted into another bigger global platform. >> yeah. >> ted, what about the sports world? obviously, that's part of your home. i'm wondering what technologies you're seeing rocking the sports industry now? do you see a lot of periscope.

>> it spooked a lot of people and skinny bundles are emerging. we're trying to pioneer in the use of virtual reality. i think 2016 will be the first year where there is a commercialization both with consumers and with business to business applications. from what i've seen, there is nothing that will drive productivity and training in a bigger and better way than virtual realty and certainly, we'll talk about gaming apps and the like but the training apps and the ability to take young people and give them complex sets of information in role-playing and to be able to put them into the game or put them into that situation is going to drive productivity increases in sports where all of

our expense, the majority of our expense are in our players and development. any edge that we can give competitively and we're proud to be the first nba, nhl and wnba team to use this new interactive realtime virtual reality applications. >> real quick, ted, we're talking about such advanced technology and starts especially as prime hockey players approach age 30. are you going to make a lot of investments in that area? >> we've been leaders in applying advance stats for a basketball team. we were one of the first to use those high-speed cameras in basket, in hockey we are doing a lot of interesting things and being able to help the goalie visualize the puck and stats and sports, you know, it's become like your business. >> yeah. >> really the technical trade is we have double math phds who sometimes don't have to watch the game, who can tell us

exactly what happened just by looking at the data. >> we're familiar. ted, thank you so much. please come back, a lot more to talk about. >> thank you. >> it was a wild day in the markets. we'll take a look at how we can close out the week tomorrow right after the break.

that does it for us on "closing bell" today. "fast money" coming up in moments. we'll throw it to melissa lee and the gang. "fast money" starts right now live from the nasdaq market side overlooking new york times square. tim seamore brian kelly. the dowed aing 36 points and rallied from the day lows on monday. it is now in, no longer i should say in correction territory. the s&p and nasdaq rising. with the move, both are out of territory. crude in the meantime seeing the biggest up day in six years but there was something a little different about today's big move because it wasn't just the high day, it was across the bored, industrials. >> we'll talk about a couple